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Australian cannabis producers surge as Canberra moves to allow exports

Jamier Smyth

Financial Times

Thursday 04 Jan 2018

Australia said it plans to legalise the export of medicinal marijuana products on Thursday pushing the share prices of about a dozen locally listed cannabis producers to record highs.

Cann Group, AusCann Group and BOD Australia hit record highs on the ASX following the government’s announcement, which it said would secure supplies for Australian patients and provide opportunities for producers.

“We are making these changes because the expanding domestic medicinal cannabis products industry is facing increasing competition from imports,” said Greg Hunt, Australia’s minister for health. “Allowing the export of medicinal cannabis products will help the developing market to grow further.”

Shares in BOD Australia were up 40 per cent at A$0.605 while shares in Cann Group were up 33.3 per cent at A$3.84 shortly before the close of trading.

https://www.ft.com/content/cdfaeb1c-c755-3659-a159-03ded7d8cb08

 

 

 

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